CG Power and Industrial Solutions slapped with Rs 188 crore income tax demand

CG Power and Industrial Solutions has been slapped with a demand of Rs 188.78 crore by the Income Tax Department for the assessment year 2022-23. The assessment order was received on February 27, 2024, and the company is gearing up to appeal against the disallowances/additions made.

The assessment order passed under 143(3) of the Income Tax Act, 1961, has prompted CG Power and Industrial Solutions to take necessary steps to challenge the decision. The company stated, “The company is in the process of filing an appeal against the disallowances/additions made in the assessment order, and also file an application for rectification of the mistakes apparent in the assessment order. The company believes that it has a fair chance of succeeding in the appeal and the disallowances/additions made will be deleted.”

Despite the setback, CG Power and Industrial Solutions’ share price closed at Rs 443.85, up by 3.75 per cent on the BSE on Thursday. The company’s market capitalization currently stands at Rs 67,789 crore. It remains to be seen how the company’s appeal against the assessment order unfolds and the impact it may have on its financial standing.

For more updates, stay tuned with the latest news on CG Power and Industrial Solutions as the situation develops.–IANS san/arm